With the hoildays over, there are many of us that now have gift cards sitting in our wallets waiting to be used.

With gift cards being such a popular holiday gift choice, the Financial and Consumer Affairs Authority (FCAA) wants consumers to know the rules surrounding gift cards and their usage.

Eric Green, Director of Consumer Protection with the FCAA.

"If you get a good gift card, use it quickly. If you're going to purchase a gift card, make sure you understand the restrictions. For example a restriction could be that the card is only valid between Monday-Friday. People should understand what they are buying."

"If the store is solvent and continues to operate, but the consumer cannot have the card honoured, then they can file a complaint with the FCAA. If [the business] is insolvent or in bankruptcy, then the consumer becomes an unsecured creditor and likely very little options."

With a few exceptions, gift cards in Saskatchewan do not expire. Green says that while that fact is fairly well known by this point, people do tend to forget until they get another gift card and so periodic reminders are helpful.

The only time an expiry date is allowed on a gift card is when the consumer received it after making a donation to a charity or nothing of value was provided to obtain the card, promotional gift cards for example.

Gift cards in Saskatchewan are also not allowed additional post-purchase fees. This includes activation fees or usage fees. Unlike credit cards, any applicable fees should be charged at the time of purchase.

Here are a few tips for consumers regarding gift card fees, expiration dates and redemption rules:

• There are no additional fees. Gift cards, unlike credit cards, should not have post-purchase activation fees, usage fees, or annual/monthly payments.

• Gift cards usually can’t expire-except for a few exceptions. Gift cards that are purchased and sold in Saskatchewan don’t have expiration dates. The only time an expiry date is allowed on a gift card is if you received the card after making a donation to a charity or nothing of value was provided to obtain the card. (For example, free promotional gift cards distributed for advertising purposes can have expiry dates).

• Use your gift cards promptly. If a store goes out of business, it’s unlikely you’ll be able to recover the value from your card.

• When buying a gift card, make sure to read the fine print. By reading the fine print, you will know all the limits the card has prior to purchasing. The Consumer Protection Division may be able to help consumers with gift card disputes. Consumers can call toll free at 1-877-880-5550 or by email at consumerprotection@gov.sk.ca.